Hydrogen specialist Hyzon is close to an end. Without new buyers, the company will close by February

Hydrogen specialist Hyzon is likely to end its business quite soon. The U.S.-based company has been facing trouble over the last years, and now it seems there’s not much to do so save the business. Just before Christmas, Hyzon issued “a Worker Adjustment and Retraining Notification Act (WARN Act) notice to its employees at the Company’s Bolingbrook, Illinois and Troy, Michigan facilities, as well as to substantially all of its remaining employees in the states of Illinois and Michigan”, as reported on Hyzon’s website. Hyzon had recently announced successful test completion in North America, right after communicating that the first refuse collection FCEVs in North America would be built in partnership between Hyzon and New Way Trucks.

Hyzon’s worrying future

The Board “unanimously approved, subject to stockholder approval, the transfer of all or substantially all of the Company’s assets through an assignment for the benefit of creditors, and the liquidation and dissolution of the Company pursuant to a plan of dissolution while continuing to pursue strategic alternatives and potential funding sources intended to maximize the value of its business and assets”, as we can read on the ACT News website.

There’s more: in its website, Hyzon cited “its inability to raise funding and the future uncertainty relating to the availability of government subsidies, most notably the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, which the Company believes has caused certain of its customers to slow down or suspend their purchasing decisions”.

Now, if no further raise funds will be found, or rather a new buyer, the company expects to complete layoffs by February 2025.